Genuine Business Limited Filleted accounts for Companies House (small and micro)

Genuine Business Limited Filleted accounts for Companies House (small and micro)

GENUINE BUSINESS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 06642362
Genuine Business Limited
Filleted Unaudited Financial Statements
30 September 2019
Genuine Business Limited
Financial Statements
Year ended 30 September 2019
Contents
Pages
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
3 to 5
Genuine Business Limited
Officers and Professional Advisers
The board of directors Mr W Hassall
- Director
Mrs A Hassall
- Director
Company secretary
Mrs A Hassall
Registered office
60 Tarvin Road
Littleton
Chester
Cheshire
CH3 7DF
Accountants
Gregory Priestley & Stewart
Chartered Accountants
Alexandra House
123 Priestsic Road
Sutton in Ashfield
Nottinghamshire
NG17 4EA
Genuine Business Limited
Statement of Financial Position
30 September 2019
2019
2018
Note
£
£
Fixed assets
Tangible assets
5
1,393
2,929
Current assets
Cash at bank and in hand
622
244
Creditors: amounts falling due within one year
6
170,437
147,059
---------
---------
Net current liabilities
169,815
146,815
---------
---------
Total assets less current liabilities
( 168,422)
( 143,886)
---------
---------
Net liabilities
( 168,422)
( 143,886)
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 168,522)
( 143,986)
---------
---------
Shareholders deficit
( 168,422)
( 143,886)
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 30 September 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 19 June 2020 , and are signed on behalf of the board by:
Mr W Hassall
Director
Company registration number: 06642362
Genuine Business Limited
Notes to the Financial Statements
Year ended 30 September 2019
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 60 Tarvin Road, Littleton, Chester, Cheshire, CH3 7DF.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
Going concern
The accounts have been prepared on a going concern basis. This may not be appropriate because the company had a balance sheet deficit of £168,422 at the 30th September 2019 (2018 - £143,886). The company is therefore dependant on the continued support of its directors. Should this support be withdrawn and the company unable to continue trading, adjustments would have to be made to reduce the value of the assets to their net realisable value and to provide any further liabilities which may arise.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
15% reducing balance
Computer and software
-
33% straight line
Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2018: 1 ).
5. Tangible assets
Fixtures and fittings
Computer and software
Total
£
£
£
Cost
At 1 October 2018 and 30 September 2019
2,582
35,750
38,332
-------
--------
--------
Depreciation
At 1 October 2018
1,759
33,644
35,403
Charge for the year
124
1,412
1,536
-------
--------
--------
At 30 September 2019
1,883
35,056
36,939
-------
--------
--------
Carrying amount
At 30 September 2019
699
694
1,393
-------
--------
--------
At 30 September 2018
823
2,106
2,929
-------
--------
--------
6. Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
2,880
2,550
Social security and other taxes
911
1,135
Other creditors
166,646
143,374
---------
---------
170,437
147,059
---------
---------
7. Events after the end of the reporting period
Since the year end the outbreak of the Coronavirus (COVID-19) has impacted the normal trading activities of all companies in the UK and required the company to close completely for a period of time. The company has, and continues to review the situation and make appropriate adjustments to its plans and operations in order to minimise the impact of the situation on the company. It has reviewed all accounting estimates included within the financial statements to ensure that they remain accurate, complete and correctly valued based on the events since the year end. The company also took steps to furlough its workforce under the Government Coronavirus job retention scheme to protect jobs and cash flow whilst the business was closed. The company has recommenced trading since some restrictions were lifted on a reduced level and is returning furloughed staff to work as the work becomes available for them. The financial impact of Coronavirus on the company cannot be accurately measured at this stage as some Government restrictions remain and no timescale for their complete removal and return to normal trading conditions has been established.
8. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2019
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr W Hassall
( 71,099)
–
( 11,636)
( 82,735)
Mrs A Hassall
( 71,099)
–
( 11,636)
( 82,735)
---------
----
--------
---------
( 142,198)
–
( 23,272)
( 165,470)
---------
----
--------
---------
2018
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr W Hassall
( 61,882)
8,250
( 17,467)
( 71,099)
Mrs A Hassall
( 61,882)
–
( 9,217)
( 71,099)
---------
-------
--------
---------
( 123,764)
8,250
( 26,684)
( 142,198)
---------
-------
--------
---------